The Coverager claims that the deal will improve the three businesses' combined ability to offer insurance solutions for risks associated with builders.

The newly formed consortium, which was started earlier in 2024, expands on an earlier partnership between Apollo and MRSL, which dates back to 2019. This partnership was especially successful in the Hull collaboration.

Brokers will have access to lead line capacity worth up to $75 million per vessel under the new consortium.

Apollo already has a presence in this market; the addition of Kyu Byun from WTW has strengthened its skills and improved its offerings to both brokers and clients.

"This new consortium offers Lloyd's brokers a genuine alternative, giving them a new route to market for their producers," remarked Iain Henstridge, the head of Apollo's Hull Class. These are frequently really complicated and technical hazards, and we have a fantastic team to support both our current business and this fascinating class. Apollo and its partners in this endeavor are well-positioned to capitalize on this exciting opportunity because to Kyu's appointment, our collaboration with the surveying community, and the additional strength that the new consortium brings.

Munich Re Specialty Group Chief Underwriting Officer Dominick Hoare expressed his satisfaction that the new consortium was made possible by their ongoing collaboration with Apollo. We look forward to expanding the services we can offer to our esteemed clients because the global situation is still tough.

"We are pleased to be involved in this new and exciting consortium which not only complements our existing Builders Risks book but also provides economies of scale to all participants, dedicated expertise, and an efficient solution to traditional placements," said Simon Shrimpton, Head of Marine at Tokio Marine HCC International.